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Capital make large scale production and greater degree of specialization possible. Thus with capital accumulation the advantages of large scale production and specializations are obtained. The advantage of large scale production and specialization is that they greatly increase output and productivity and there by brig done the cost of production per unit. Without adequate capital accumulation neither the scale of production can be neither increased nor greater specialization and division of labour in the production process is possible. Hence capital accumulation by increasing the scale of production and specialization increases the production and productivity in the economy and thereby promotes economy’s growth.
if you were making the pricing decision for the gasoline company, would you cut, raise or leae the price unchanged
(ii) Find a real-world example of second-degree price discrimination. Describe the important aspects of your example in detail and analyze it using economic theory. In particular,
impact of computer technology on nigerian economy
Axioms: Revealed preference theory is based on the axioms listed below. • Consumer will spend all her income on goods. The consumer equilibrium always remains on the budg
how is price and output equilibrium determined in Williamson''s model of managerial discretion?
Population census: A population census is the head count of people living in a geographical area or in a country. A population census collects comprehensive data on people to
Consumer Preferences Indifference curves represent all the combinations of market baskets which provide the same level of contentment to the person. Consumer Preferences
TAKE A HYPOTHETICAL ECOMOMY AND CONSTRUCT THE CONSUMPTION SCHUDEL CONTAIN 10 PAIR OF HYPOTHETICAL VALUE OF AGGERGET INCOME AND CONSUMPTOIN
When the price of candy bars increased from $.45 to $.55 the quantity demanded changed from 21,000 per day to 19,000 per day. In this range the price elasticity of demand for cand
why is the concept of elasticity crucial to the study of economics?
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